Buyers regain control
Beyond the daily closures surpassing yesterday’s levels, there’s evidence of strong buying activity reflected in today’s candle pattern. This suggests the necessary momentum as we head into the next few sessions.
If the dynamic support for trends holds up as expected and bull trends persist, today’s drop becomes significant since the standard ABCD pattern finished near the day’s low. All in all, it looks like we might experience some choppy movement within the two-week range of $3,439, following last week’s peak.
It will be interrupted between 20-50 days lines
Dynamic support remains present for the 50-day moving average, while the 20-day MA stands at $3,308, marking it as the most significant dynamic resistance point. This level likely holds more value than a lower swing high. Thus, the 20-day line could present the highest price levels, with demand set to improve, ultimately pushing against resistance near the recent lower swing highs. The rise above the $3,257 high recorded on Wednesday indicates strength, increasing the chances of a move towards the 20-day line.
To check today’s economic events, Economic calendar.
